tv CBS Morning News CBS September 23, 2011 4:30am-5:00am EDT
free-fall. fears of a new recession send stock markets into a nose dive. head-to-head. fireworks in florida as republican front runners rick perry and mitt romney battle over immigration and social security. and incoming. somewhere, sometime today, a satellite, the size of a school bus, is expected to fall out of orbit and back to earth. this is the "cbs morning news" for friday, september 23rd, 2011.
captioning funded by cbs good morning, everyone. thanks for joining us. i'm terrell brown in for betty nguyen. we begin with the economy this morning. the news here and aborder not good. fears of a new recession hence that china's economy is slowing. the latest u.s. employment figure sent stocks plumbing in the sell-off resume this morning in asia. drew levinson has more for us. >> good morning, terrell. asian markets picked up where wall street left off. hang seng lost 1 1/2%. others took a bigger hit. european markets opened on the upside and wall street futures are mixed. they are trying to finish what has been a very ugly week. stocks got clobbered from the opening bell on. at one point, the dow was down more than 500.
it recovered some, but still closed with a loss of 391 points. over the past two days, the blue chips are off nearly 6%. it's the biggest two-day drop since december 2008. >> it's bad news after bad news. we are not getting any good news. >> reporter: job growth is stalled. the housing market can't climb out of the foreclosure mess. consumer spending remains stuck in neutral. no one wants to open their wallets until they see things are getting better. but the economy can't improve until consumers and businesses loosen their purse strings. they are spending accounts for for more than 70% of economic growth. >> i think people are realizing that we are still in a bad place and i think that is very scary to a lot of people. >> reporter: overseas, the news is no better. debt fears in europe threaten to effect the entire global banking system. china's once skyrocketing growth has slowed. this morning, the g-20 nations pledged to stabilize the world's economy but their previous
attempts have not worked. the biggest problem may be confidence or a lack of it, both in wall street and washington. >> so much of stock trading is psychological. it's always been psychological. there is no feel-good factor. people are nervous, uncomfortable and i, quite frankly, think fed up. >> reporter: the big question, are we headed for another recession? many analysts have upped the chances to just about 50/50 higher than any point since we got out of the last one. others are more pessimistic. billionaire investor george soras says this week, he thinks we are already in another recession and wen just won't realize it until a few months from now. terrell? >> certainly a situation we will be keeping an eye on. thank you so much. it doesn't improve the financial mood to know washington is, again, threatened by a government shutdown. earlier this morning, the republican-controlled house passed a spending bill to disaster relief and also keep the government financed in mid november, but senate democrats say they will kill the measure
because it cuts clean energy programs. the two sides have one week to reach a deal. campaign 2012 now. the race for the gop presidential nomination, last night, republican hopefuls debated for the third time in 15 days. front runners romney and perry were on the attack. we go to susan mcginnis in washington with details on that. good morning to you, susan. >> good morning, terrell. >> reporter: accusations flew last night among the top gop contenders. each one stomping on one another in an effort to stand out. texas governor rick perry is battling to stay at the front of the gop pack. >> i think americans just don't know sometimes which mitt romney they are dealing with. >> i'll use the same term again. nice try. >> reporter: in last night's debate in orlando, the texas governor and former massachusetts governor mitt romney accused each other of flip-flopping on issues like social security and health care. perry took the biggest beating over immigration. >> i would not allow taxpayer funded benefits for illegal aliens or for their children. that is madness.
>> reporter: the gop hopefuls blasted him for passing a law in 2001 giving college tuition discounts to illegal immigrants. >> if you're an illegal alien, you get a instate tuition discount. do you know how much that is. it's 22,000 a year. >> if you say that we should not educate children who have come into our state for no other reason than they have brought there, by no fault of their own, i don't think you have a heart. >> reporter: all of the candidates slammed president obama's handling of the economy, including newcomer and former new mexico governor gary johnson. >> my next door neighbor's two dogs have created more shovel-ready jobs than this current administration. >> reporter: the contenders promise to slash the nation's unemployment rate and cut taxes. >> this is the worst time to be raising taxes and everybody knows that. >> reporter: tomorrow, the candidates face another test at florida's straw poll. the last three correctly predicted the next gop nominee. now that florida poll is
considered more important than the ames straw poll that michele bachmann won. that one was open to all iowa voters. this one is only dell gases, very passionate republican voters. terrell? >> susan mcginnis in washington for us, thank you. president obama's los angeles campaign office was vandalized overnight. a window was shattered and they shot bbs into the windows. the office was not occupied at the time. police are investigating. today, palestinian president mahmoud abbas is expected to ask the u.n. to recognize palestine as an independent state. abbas will address the u.n. general assembly today. the u.s. say they will revote the palestinian request for statehood. the obama administration says only direct negotiations between the palestinians and israel can lead to a palestinian state. those negotiations broke down a year ago. speaking of the general assembly, yesterday, iran president ahmadinejad triggered a mass walkout. it was led by u.s. diplomats. he announced the west as arrogant and accused the u.s. of
using what he calls the mysterious 9:00 attacks as a pretext for wars in afghanistan and iraq. allegations that pakistan's terrorist attack supported americans in afghanistan. the actication same from admiral mike mullen, chairman of the joined chiefs of staff. testifying on capitol hill yesterday, mullen said the pakistan intelligence service, the isi, supported a taliban ally to a terrorist network. mullen says that group was behind the attack on the u.s. embassy in kabul last week and before that, a truck bombing that wounded scores of americans. >> are isi support, the terrorist group planned and conducted that truck bomb attack as well as the assaults on our embassy. closing arguments begin today in italy and amanda knox's appeal for her murder conviction.
in court this morning, knox has pinned her hopes of having the verdict overturned on a report from independent forensic experts. they say the dna evidence used against the american student was unreliable and that police made many errors. knox was convicted of murdering her british roommate in 2007. back in this country, steven powell, the father-in-law of missing utah woman susan powell, has been arrested on child pornography charges. the 61-year-old powell, the father of susan powell's husband josh, is charged with voyeurism and possession of child pornography. prosecutors say the charges are based on computer and photographic evidence seized from his home last month. take a quick break on this friday morning. just ahead on the "morning news," roll over einstein. why scientists may have to rethink the entire universe. plus, round and round it goes. we will have the latest on the satellite debris expected to hit earth today. this is the "cbs morning news." for a while now, you've been taking an antidepressant.
but your cloud of depression is still with you. maybe it's time to ask your doctor about adding seroquel xr to your antidepressant to treat your depression. seroquel xr is a once-daily, extended-release tablet, which means medication is released around the clock. for many, seroquel xr, when added to an antidepressant, was proven more effective than an antidepressant alone at helping people feel less depressed. call your doctor if you have unusual changes in mood, behavior, or thoughts of suicide. antidepressants can increase these in children,
teens, and young adults. elderly dementia patients taking seroquel xr have an increased risk of death. call your doctor if you have fever, stiff muscles, and confusion, as these may be signs of a life-threatening reaction or if you have uncontrollable muscle movements, as these could become permanent. high blood sugar has been reported with seroquel xr and medicines like it and in extreme cases can lead to coma or death. your doctor should check for cataracts. other risks include increased cholesterol and weight gain as well as seizures, dizziness on standing, drowsiness, impaired judgment, trouble swallowing, and decreases in white blood cells, which can be fatal. use caution before driving or operating machinery. isn't it time to put more distance between you and your depression? talk to your doctor about seroquel xr. if you can't afford your medication, astrazeneca may be able to help.
so somewhere, sometime today, a huge satellite is expected to fall out of orbit. nasa says this is not a chicken little moment. the odds are just 1 in 21 trillion anyone will be hit. they say that now. the research satellite launched in 1991, the size of a city bus. parts of it will reach the earth's surface. scientists can't be sure when or where that will happen. but whatever survives the fiery re-entry will probably fall into the ocean. >> three-quarters of the earth's surface is water so most likely it's going to come down in the water which means we would be lucky if anybody sees it. >> if someone is in the right place to see it, they say it will be quite a fireworks show. here is something else that scientists are talking about this morning. researchers say they clocked a subatomic particle going faster than the speed of light. that is not supposed to be possible. it happened at a nuclear accelerator in europe. they say they pushed particles over light speed. albert einstein said the speed of light is over 186,000 miles
per second is the universal speed limit. but accelerated neutrinos was slightly faster than they should. one american scientist calls the result a shock. today, president obama scheduled to roll back some provisions of the no child left behind education law. the president will exempt states from tough requirements of the bush era law, saying that they become barriers to learning but states will be asked to establish their own standards to prepare students for college and careers. tough economy is hitting young people in this country especially hard. barely 55% of 16 to 29-year-old americans have jobs. that is the lowest since the end of world war ii. seth doane reports. >> reporter: researchers have called this the lost generation. does that make any sense to you? >> it's more like the lost job generation. how are you doing? i'm michael. >> reporter: 27-year-old michael labosco is on his second job hunt in two years. >> it's rough because you don't have really anything to fall back on. it's like you hit the reset button and you have to start
back from the beginning. >> reporter: we met labosco today at this manhattan career fair. >> can you go over the sales position? >> reporter: since he graduated in college in 2006, he has worked in sales and the mortgage industry, but was laid off for the second time on tuesday. >> i'm just trying to get the opportunity and try to get my foot in the door and prove my worth to someone. i don't care what the salary requirements are. >> reporter: you just want a job? >> i just want a job. >> reporter: the lack of jobs isn't only affecting new careers, but new lives too. the number of young adults who moved to a new state last year fell to the lowest level since world war ii. >> it's just an eye-opener and i never -- >> reporter: why? >> because i never thought i would be in this position. i never thought i would be 27 years old living back home with my parents. >> reporter: labosco is 1 of about 6 young adults who live with their parents, that is up 25% from before the recession. when do you think things start getting better?
>> you hope tomorrow. when you wake up, you hope it's today. >> reporter: for now, his only job is walking the family dog. that's one he hopes ends soon. seth doane, cbs news, new york. we will take a quick break. up next on this friday morning, your weather forecast. in sports, tight battles for wild card spots in the baseball playoffs get even tighter. [ female announcer ] so you think your kids are getting enough vegetables?
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here's a look at the weather in some cities around the country. time now for a check on the national forecast. this is the first day of fall, by the way. the latest satellite picture shows the east coast and great lakes under cloudy skies. skies clear across most of the country. later today, thunderstorms drench the northeast especially along the i-95 corridor, and southeast see continued scattered showers, and cool in the great lakes area with temperatures in the 50s and 60s. the mets spoiled a chance for the cardinals to move up in the wild card race. score tied at 9 in st. louis. met willie harris slapped a single to right field and drove in two runs for 8-6 win. the cards down two games behind idle atlanta for the national league wild card playoff spot. in new york, tampa bay unloaded on the yankees. three home runs in a 15-8 victory. that pulled the rays within two
games of boston in the race for the american league wild card. other baseball news. florida marlins closer has reportedly been playing under a phony name because of his immigration status. he has been called leo nunez. he has 36 saves this season. his real name is juan carlos oviedo. he is now home in the dominican republic. the nba expected to cancel training camps and preseason games today. the league and players union have been unable to reach a new contract agreement. talks won't resume until next week. when we return, another look at this morning's top stories. facebook expanded. mark zuckerburg wants it to be more than a social network. he wants it to be the story of your life. , but some symptoms were still in his way. so the doctor kept eric on his current medicine and added nonstimulant intuniv to his treatment plan. [ male announcer ] for some children like eric, adding once-daily nonstimulant intuniv to their stimulant
has been shown to provide additional adhd symptom improvement. don't take if allergic to intuniv, its ingredients, or taking other medicines with guanfacine, like tenex. intuniv may cause serious side effects, such as low blood pressure, low heart rate, fainting, and sleepiness. intuniv may affect the ability to drive or use machinery. other side effects include nausea, tiredness, trouble sleeping, stomach pain, and dizziness. tell the doctor about your child's medicines and medical conditions, including heart, liver, or kidney problems. [ woman ] adding intuniv helped eric. [ male announcer ] ask the doctor about once-daily nonstimulant intuniv.
on the "cbs morning news," here's a look at today's weather. thunderstorms and heavy rain are moving up the east coast. minor flooding could occur from the mid-atlantic to new england. cloudy in the great lakes with below normal temperatures. the rest of the nation will be mostly sunny with cooler weather moving into the northern plains.
here is another look at this morning's top stories. fears of a new recession and a flurry of weak economic news sent stocks into a tail spin. the dow fell 3 1/2% and stocks in asian continued the downward spiral this morning. european stocks opened mostly on the upside. sometime today a large nasa satellite is expected to fall out of orbit. chunks of the satellite are expected to reach the earth's surface. scientists don't know exactly when or where. they are hoping it hits water. hoping. facebook is expanding its horizon again. i'm not loving these new changes, by the way. every time this happens, some users complain of privacy being lost. others say it intensifies their experience to share with thousands of fans online. here is john blackstone. >> reporter: mark zuckerburg has already created a social media revolution with facebook.
he no longer wants users to visit facebook, he wants hem to live there. >> social network will be a ubiquitous tool. >> reporter: at a conference in san francisco he says it will be a place where friends can do much more than share photos. like music, tv, and news. you're going to be able to start adding those now too. >> reporter: in fact, facebook is aiming at nothing short of becoming a digital diary, capable of storing almost every detail of a user's life forever. >> time line is the story of your life. >> reporter: c-net editor means if he is watching a netflix movie on his ipad, facebook will be able to tell his friends. they will be able to watch what he is watching and listen to what he is listening to. >> they want us to be more engaged and tell each other and bring all of our friends and associates deeper into media. >> reporter: time line means
facebook will know even more about its users and all of their friends. >> that is gold to advertisers. they love that stuff. >> reporter: facebook now says it has 800 million users, a huge potential market that makes facebook an irresistible partner for almost anybody selling anything. but what it gets is experience, like max rich says he wants, to be constantly plugged in to the very latest that is happening. >> you got to go with what is current and you got to go with what people are doing because you can't be out of the loop. >> reporter: facebook says it will phase in a time line feature over several weeks so users can change privacy settings and get accustomed to just how much of their private lives they want to share. john blackstone, cbs news, san francisco. >> you can't help but feel like time is passing you by and this certainly isn't going to help. ♪ >> oh, yes.
tomorrow, marks the 20th anniversary of the release of ner van the "never mind." the album which brought us this song sold 30 million copes. it was also seen by many as the coming out party for grunge culture having a pivotal moment in pop music history. congress is in gridlock again and look at whether that means another government shutout. i'm terrell brown. this is the "cbs morning news." shutout. i'm terrell brown. this is the "cbs morning news." their cottonelle roll is not being respected! [ female announcer ] respect the roll that respects you. looks good to me. [ female announcer ] new cottonelle clean care toilet paper.
take it away, gigi. toll hike approved. the maryland transportation authority votes to increase tolls on bridges, tunnels and ohio. a man is given a sun tns for firing gun at his home. >> happening right nox an update -- now, an up date on yesterday's fire. we know who died. a maryland woman dies after eating cantaloupe. why this case has state officials baffled. facebook is about to get another makeover. what's changing plus traffic reports in two minutes. we'll be right back.